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Office Investor Broadway Partners
Faces the Music on Short-Term Debt

Broadway Partners put its name up in lights by being one of the most aggressive buyers of office skyscrapers in the past two years. Now, it's scrambling to put its financial house in order.

Broadway, a closely held New York-based office investor, bought $13.6 billion of office towers from 2002 to 2007 -- flipping some for handsome profits. But it also bought several billion dollars of property with short-term debt near the top of the market in 2006 and 2007. When real-estate markets seized up last summer, Broadway was...